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What is Bitcoin
What is Bitcoin
Bitcoin put simply is a digital form of cash, there no physical forms of notes or actual coins, contrary to what you might see in pictures and images, like the one in the header above. Its basically a peer-to-peer electronic cash system, which is completely decentralized meaning that it does not rely on a head office or a central HQ like the banks do: instead it relies on the power of its users around the world who essentially become 'miners'. These miners use hardware equipment such as 'computers nodes' & 'asic miners' to process the transactions around the world in exchange for a reward which is paid in Bitcoins (BTC).
This process is typically known as 'Bitcoin mining' where some miners could be individuals or some are in are companies or corporations who have built 'mining farms'.
Why Bitcoin
Why Bitcoin
Bitcoin transactions are anonymous and recorded on a publicly viewable ledger called the 'Blockchain', the transaction that take place are secure and fully shared with all the miners around the globe. As these transactions are made fully secure they are verified by the miners and then fully settled, unlike bank transaction which can take days.
Typically the speed of the transaction takes minutes and a fee is charged but in exchange for a reduction in the fee you can delay the transaction to complete in 1 - 2 hours - depending on the speed of the network.
Sometimes Bitcoin is known as 'cash on the internet', 'digital cash' or 'digital currency' and is completely a new way of banking and processing transactions.
When Bitcoin Began
When Bitcoin Began
Bitcoin was invented by somebody called Satoshi Nakamoto back in 2009 and to this day we don't actually know who he is. He did produce the original outlined whitepaper, a document which created the roadmap for Bitcoin and how it basically worked.
Bitcoin is fast, fully secure and technologically advanced that more & more each day different applications of its use are still being integrated into financial systems across the world.
Bitcoin is a technological breakthrough that is changing the way people think about and use money.
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